What Is a UTMA Account?

A UTMA (Uniform Transfers to Minors Act) account is a custodial account established by an adult for the benefit of a minor. The custodian manages the account until the child reaches the age specified by state law. When the minor reaches that age, the custodian is responsible for transferring the funds to the beneficiary. Money in a UTMA account can be used for the benefit of the minor, and contributions are considered irrevocable gifts.

Schedule an appointment using our 'Specialty Account' option to open one today.